More 2 Life Prime Max
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More 2 Life Prime Max Review
Prime Max Key Details
| Type | Rate | APR | |
|---|---|---|---|
 |
Fixed | 6.64% | 6.92% |
Scheme Incentives
- Free Valuation
- Free Application
Scheme Offers
- 3-year No Early Repayment Charge*
- Downsizing Protection Feature
- Guaranteed Inheritance Feature
- Fixed Early Repayment Charges
I think you’ll agree with me when I say:
It’s REALLY hard to choose the best equity release scheme with all the choices available.
Or is it?
Is the More 2 Life Prime Max, equity release scheme the best?
Don’t let your equity release dream become a nightmare!
Luckily, we’re here to guide you on the in’s and out’s of equity release, as you deserve only the best.
However, not all plans are suited to each individual. You need to look for one that will serve your home, your lifestyle, and the reason why you’re considering equity release in the first place.
As leading experts in the field, we’ve delved into hours of research, unpacked all the equity release plans on the market (we’ve reviewed over 250 schemes!), and discovered the best in the business.
- Detailed information about the Prime Max scheme.
- Whether this plan could be right for you and your family.
- How low the current interest rates are for the Prime Max product.
What's Equity Release & How Does It Work?
We've summed up the most important information about the topic in this quick video.
An equity release mortgage is, in a nutshell, a loan plus interest that is paid back to the lender when the homeowner passes away or goes into permanent care. The homeowner’s family usually pays back the cash released, and the interest incurred, from the sale of the home in question.
Equity release is available for individuals or couples over 55, with the youngest homeowner’s age determining the amount of equity that can be released. It is important to note that some equity release schemes may require the homeowner to be 60 or older.
Learn More: What’s Equity Release & How Does It Work?
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Most popular reasons for releasing equity
- Add to your retirement income.
- Pay off your credit debts or loans.
- Gifting money to family. (E.g. helping children pay a deposit on their first house)
- Paying off an existing debt.
- Going on that dream holiday.
- Replacing your car with the one you've always wanted.
- Making home & garden improvements.
Who Are More 2 Life?
Scheme Background
Are you 55+ and craving more flexibility in equity release lending? Choose More2Life equity release, the lending specialists that offer a range of bespoke lifetime mortgage deals to homeowners over the age of 55.
As the specialist lending arm of Key Retirement, More2Life uses external funding models to offer a range of lifetime mortgage plans, including the Tailored Choice and Flexi Choice plans.
Their Capital Choice Equity Release scheme is a Drawdown Lifetime Mortgage plan which aims to provide a low-interest rate, yet higher loan-to-value ratios.
What’s more, the Capital Choice Drawdown Plan provides a greater level of flexibility than the simpler Capital Choice Lump Sum version. With this being a drawdown scheme, a flexible cash facility is provided which enables the homeowner to access future funds, as and when required.
Eligibility & Requirements
The More2Life Prime Max Lump Sum Plan is created particularly for homeowners seeking for a one-time lump sum to reach the maximum loan amount feasible. This also includes a number of features, such as the ability to make voluntary payments to help with balance control.
Minimum Property Valuation
This More2Life plan has a minimum release of £10,000 and a maximum loan of £600,000 at the moment.
Property Location Requirements
The property location, which must be the homeowner’s primary residence, must be in England or Wales only.
Single vs Joint
More2Life’s Prime Max Equity Release program is offered as a single or joint life mortgage, with a minimum age of 55 and a maximum age restriction of 84 for this lifetime mortgage.
Minimum Release
The lowest loan amount on this More2Life plan is £10000, with a maximum loan amount presently set at £600,000.
Scheme Features
This More2Life Prime Max scheme is an equity release plan that seeks to offer a release of equity in proportion to the amount of equity the homeowner is anticipated to require over their lifetime. This can only be used for a single sum, however more borrowing may be possible in the future depending on underwriting requirements.
The downsizing protection feature of the More2Life Prime Max plan is an additional and important feature that allows anyone moving house after 5 years to return the loan in full with NO penalty.
Valuation Features
A substantial free appraisal is provided, as well as a guaranteed lifetime interest rate on the initial lump amount.
Early Repayment Feature
More2Life has introduced set early repayment rates to their Prime Max plan, which begin at 10% of the amount repaid and decrease by 1% every year until year 11, when no early repayment fee applies.
Equity Release Council Status
More2Life is an Equity Release Council member, and all of its plans come with a no-negative-equity guarantee. As a result, when the house is ultimately sold, no beneficiaries will be left with a debt owed to the equity release lender.
Joint Application Features
More2Life’s Prime Max Equity Release program is offered as a single or joint life mortgage, with a minimum age of 55 and a maximum age restriction of 84 for this lifetime mortgage.
Scheme Options
Another option for inclusion in the Guaranteed Inheritance Feature allows the homeowner to secure a predetermined proportion of the property’s ultimate selling value for their beneficiaries. This is critical for individuals who want to ensure a percentage of the property value from their inheritance.
Repayment Options
This More2Life Prime Max Lump Sum program allows any homeowner to spend their tax-free equity however they see fit, with no obligation to make any repayments.
However, one of the advantages of the More2Life Prime Max Plan is the Voluntary Partial Repayment Option, which allows the homeowner to repay up to 10% of the initial amount borrowed each year with NO penalty. This allows managers to control the eventual balance of the lifetime mortgage plan in the UK, either by reducing the roll-up impact of the interest, paying off the interest-only, or even by utilizing the entire 10% allowed.
Inheritance Protection
More 2 Life Lifetime Plan updates are still in the works. We will give an update soon.
Application Fees
More 2 Life Lifetime Plan updates are still in the works. We will give an update soon.
Cashback Options
More 2 Life Lifetime Plan updates are still in the works. We will give an update soon.
Footnotes
*The three-year no-early-repayment-charge period applies to joint life policies in which the loan is returned within three years of the death or long-term care of a partner.
More 2 Life's Other Equity Release Schemes
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Contributors: Nicola Date, Katherine Read
Reviewed by Francis Hui
Editorial Note: This content has been independently collected by the SovereignBoss advisor team and is offered on a non-advised basis. Sovereignboss may earn a commission on sales made from partner links on this page, but that doesn’t affect our editors’ opinions or evaluations. Learn more about our editorial guidelines.
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HOW MUCH EQUITY CAN YOU RELEASE?
Most people are using equity release as a means of retaining the use of their house while also obtaining a lump sum or a steady stream of income. Get matched with an expert and check your eligibility for equity release options.
Use our free equity release calculator & see how much you can release today.
